Not to pile it on, but the data being released at the moment is not very good. The economy is clearly settling down to a lower level of activity. I have, for a long time, argued that the risks to US growth are mainly on the downside. So those who projected GDP growth of over […]

We ought to reflect, however briefly, on the implications of today’s Institute for Supply Management’s survey of manufacturing activity. Yes, I know it sounds dull. But it is a closely watched index, published monthly, and gives us an approximate indication of industrial activity, and just as importantly, industry expectations. Here’s the bad news: the manufacturing […]